The hryvnia continued its growth after the dollar tumbled

The hryvnia exchange rate continued to grow in the currency market after a significant drop the previous day, caused by the NBU’s decision to switch to a flexible exchange rate regime. RBC-Ukraine reported this with reference to market monitoring data on Wednesday, October 4.

So, the average dollar rate in exchange offices fell by 5 kopecks – to 38.35 UAH, the euro rate fell by 10 kopecks – to 40.70 UAH.

In exchange offices they bought a dollar for an average of 37.75 UAH, a euro for 40.00 UAH.

In the interbank market today the rate stabilized at 36.61-36.64 (buying and selling).

The NBU set a new exchange rate for October 4 based on the results of trading in the interbank foreign exchange market. The official exchange rate of the hryvnia against the dollar is 36.5901 hryvnia per 1 dollar (+0.0215 UAH). And the euro exchange rate is set at 38.3263 UAH per 1 euro (-0.1914 UAH).

As is known, from October 3, the National Bank introduced a regime of managed flexibility of the exchange rate. Before this, since the beginning of the war, the regulator maintained a fixed exchange rate of the hryvnia against the dollar, initially 29.25 UAH/dollar, and from July 21, 2022 – 36.57 UAH/dollar.

Now the banks will sell and buy money at a free rate without the limit of 1% of the official rate that has been in force since the beginning of the war. Taking into account the exchange rate in the interbank market, the NBU will set the official rate. However, the regulator promised to significantly limit changes in the exchange rate, preventing either a significant weakening of the hryvnia or its significant strengthening.

We remind you that in September the NBU sold a record volume of foreign currency since January. And since the beginning of the year, the regulator has sold $19.4 billion to maintain market balance.